Ah its time to blame bush again.
I'm fairly sure that Bush did not intend to take over the company but thats actually fodder for another topic.
Quote:
|
Originally Posted by Bloomburg Buisness Week
Now that the United Auto Workers will likely own big stakes of General Motors and Chrysler (possibly 39% of GM and 55% of the latter) some very thorny questions arise. How will management work with some degree of union ownership?
First, let’s look at a few facts. The UAW won’t directly own equity stakes in the car companies. The shares will be owned by a Voluntary Employee Benefits Trust, or VEBA, which invests cash and manages a portfolio to pay union healthcare benefits.
When all of the legal proceedings are done, which should be next year, the VEBA trusts will have a board of trustees who could get representation on the boards of the companies.
|
http://www.businessweek.com/autos/au...ownership.html